A few companies have delayed their initial public offerings due to uncertainty after the outcome of the presidential election, but that strategy may only make sense for international companies.

After the election of Donald Trump, AppDynamics, Jose Cuervo, Prodia and others have reportedly delayed their initial public offerings until 2017. But, as Matt Kennedy, an analyst at Renaissance Capital, points out, that reasoning holds up the best for international IPOs where the market conditions in that country have also taken a hit.

The delay for Jose Cuervo, which is reportedly planning to list on the Mexican Stock Exchange, may make sense as the Mexican peso
USDMXN, +0.0902%
has taken a hit following election results and the market has seen volatility due to uncertainty around Donald Trump’s policies.

Complectus, a New Zealand advisory business, and Prodia, an Indonesian contract research company, also delayed their IPOs, citing election uncertainty, Kennedy said.

In addition to specific questions over Trump’s plans for the Mexican border, uncertainty for other international companies comes from questions on whether Trump will keep international trade agreements in place.

Additionally, international IPOs have ran into trouble in the second half of the year, either related to Brexit or other uncertainty, Kennedy said. The Renaissance ETF
IPOS, +4.24%
that tracks the performance of international IPOs has fallen 5% in the past three months.

U.S. company AppDynamics is also reportedly delaying its December IPO due to election uncertainty, according to The Wall Street Journal. But in that case, Kennedy says, the U.S. markets appear to be reacting positively to the news.

“I think that the Trump reason is a bit too simplistic,” Kennedy said.

Instead, he says U.S. IPOs have been delaying as they wait to grow into large valuations and try to avoid a lower public market capitalization.

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